In a move that has both shocked and alarmed Nigerians, CBEX, a platform previously involved in controversy for allegedly operating a Ponzi scheme has announced its return to business. The company, which vanished after countless users reported losing their investments, claims it is now back to “help people recover what was lost.” But there’s a catch: to participate in this supposed recovery, users must deposit $200 (approximately ₦325,000). The announcement has sparked widespread skepticism, stirring painful memories for many and raising urgent questions about the legitimacy of this so-called comeback.
The CBEX Controversy: What Happened Before
CBEX originally gained traction by promising high returns through crypto-related investments and digital trading services. Marketed as a “revolutionary wealth-building platform,” it attracted thousands of Nigerians, most of whom were desperate for financial stability amid the country’s economic struggles. With persuasive online campaigns, glowing testimonials, and referral bonuses, CBEX quickly built a loyal user base.
But it didn’t take long for the cracks to show.
By late 2023, users began to experience delays in withdrawals. Customer support became unreachable, and the platform’s social media pages were either inactive or deleted. Then came the avalanche of complaints, hundreds, and eventually thousands, of Nigerians reported losing money. Some had invested modest amounts, but others had poured in life savings. The alleged “Ponzi” structure became evident: early investors were being paid with funds from new investors, not from any legitimate business operations.
Eventually, CBEX went dark. No refunds. No explanations. Just silence.
Public Reaction Then: Anger, Despair, and Caution
The aftermath was devastating. Social media was flooded with stories of lost savings, ruined families, and shattered dreams. Hashtags like #CBEXScam and #PonziAlert trended on X (formerly Twitter), with users warning others to steer clear of such schemes.
Many victims appealed to regulatory agencies like the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN), but investigations yielded little relief. CBEX’s executives were nowhere to be found, and with no physical office or verifiable contact information, victims were left with little recourse.
Financial experts and consumer advocates urged the public to become more discerning. Seminars and webinars sprang up to educate people on identifying fraudulent schemes. For a while, it seemed like Nigerians had learned a painful but necessary lesson.
The Return: CBEX’s “Rebirth” and New Promises
Fast forward to 2025, and CBEX has resurfaced with a bold announcement: the platform is reopening and is “committed to restoring lost investments.” The company now claims it has “restructured” and “realigned” its operations to be more transparent and secure. To participate in the “recovery program,” former and new users are being asked to deposit $200.
The irony isn’t lost on the public. The same platform that vanished with people’s money is now asking for more money with the promise that it will somehow lead to refunds?
Their new website and social media accounts showcase polished branding and testimonials, eerily similar to the tactics used before. This time, the promise is not just wealth but redemption, a chance for victims to recover what they lost.
Public Reaction Now: Mixed Emotions and Familiar Fears
Understandably, the reactions have been mixed.
Some victims are cautiously optimistic. “If there’s even a 10% chance of getting my money back, I’m willing to risk it,” said Chukwudi N., a 38-year-old civil servant who lost over ₦500,000 in 2023. “Maybe they’ve learned from their mistakes.”
But for the majority, the return of CBEX is being viewed as a red flag.
“This smells like another trap,” warned Twitter user @Ajoke4Real. “They want to scam the same people twice.”
Many Nigerians, especially those financially literate or previously burned, are urging regulators to step in. There are growing calls for a formal investigation, and some are petitioning the Nigerian Communications Commission (NCC) to take down CBEX’s new website.
A Trap Repackaged?
So, is CBEX’s return a genuine attempt at restitution, or just another scheme in disguise?
Financial analysts are skeptical. “Reputable companies don’t ask victims of fraud to pay to recover their money,” said Oladimeji Adewole, a Lagos-based investment advisor. “This move fits the classic ‘advance-fee fraud’ playbook where scammers request an upfront fee with the promise of a larger return that never materializes.”
He added that CBEX’s failure to acknowledge past mistakes, provide audited financials, or offer legal safeguards makes their new promises even more dubious.
Moreover, Nigeria’s regulatory framework around crypto and online investment platforms remains weak. Without enforcement mechanisms or consumer protection laws with real teeth, fraudulent platforms can operate with impunity.
Will People Still Fall Prey?
Sadly, yes.
With unemployment high, inflation rising, and traditional savings yielding poor returns, many Nigerians are still searching for a miracle. Scammers know this and they exploit it. CBEX’s offer may seem like hope to someone who is financially desperate.
The psychological pull of “recovering lost money” can override better judgment, especially when paired with slick marketing and peer pressure from referrals.
Influence of Private Establishments: Inside Success Nigeria
In response to the rise of Ponzi schemes like CBEX, private institutions have stepped in to bridge the gap in financial literacy and economic empowerment. Inside Success Nigeria {ISN} offers opportunity for young people to transform their knowledge, idea and experience into money through writing and publication.
Also, at ISN, we organize seminars, webinars, and we equip youths with diverse skills. These efforts aim to reduce dependency on “get-rich-quick” platforms by fostering a mindset of sustainable wealth creation. By encouraging innovation, ISN offers real hope and alternatives to fraudulent schemes. Yet, the challenge remains: reaching more Nigerians before another wave of scams lures them with false promises.
Conclusion: Proceed With Extreme Caution
CBEX’s reappearance is not just a news item. it’s a test of public awareness, regulatory responsiveness, and financial literacy. While the company wraps itself in new packaging and promises redemption, the core tactics remain suspiciously familiar.
Nigerians must be vigilant and critical. A platform with a history of financial deception should not be given the benefit of the doubt without full transparency, accountability, and independent verification.
As the saying goes: “Fool me once, shame on you; fool me twice, shame on me.”
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Tags: #Awareness #Ponzischemes
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